October 30, 2010 2:58 pm
What is the meaning of the section “Section 45 of Insurance Act, 1938” on this lic page http://www.licindia.in/amulya_jeevan-I_benefits.htm
As per the Insurance act ,It can not happen that an Insurer rejects a policy saying that there was some wrong or incomplete information given after 2 yrs of policy in force , which means that incase you have mistakenly given some wrong info or incomplete info , as per the act , they can reject the policy only in first 2 yrs based on that , however not after 2 yrs ,this is what I understand , but i dont see this in practice .
45. No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry calf two years from the date on which it was effected be called in question by an insurer on the ground that statement made in the proposal or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policy‑holder and that the policy‑holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose:
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.
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